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NFTs

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NFTs
Non-fungible tokens (NFTs) refer to units of data stored on a blockchain that guarantees each digital asset to be unique and immutable. Because NFT-based digital items are authenticated via the decentralised technology, they can be owned and traded much like physical items in the real world.
Singapore-based blockchain entrepreneur Vignesh Sundaresan (right), also known as Metakovan, has opened a new experimental art and technology space, Padimai Art & Tech Studio, in Singapore, whose first commission is a virtual reality work by Danish-Icelandic artist Olafur Eliasson (left). Photo: Yanina Isla
Art

Singaporean buyer of US$69 million Beeple NFT opens art and technology space

Vignesh Sundaresan explains the aim behind Padimai Art & Tech Studio, which opens with a virtual reality work by artist Olafur Eliasson.

Banking & finance

Macroscope | How the obsession with risky assets is putting global finance in peril

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Blockchain

Trump’s meme coin draws billions in crypto trading volume

Fame and celebrity

Meet Matteo Milleri, ex to Leonardo DiCaprio’s girlfriend Vittoria Ceretti

The Italian multidisciplinary artist has collaborated with The Weeknd, Bulgari and Grimes, and is one half of the producer-DJ duo Tale of Us, alongside Carmine Conte.

Vittoria Ceretti’s (left) ex-husband Matteo Milleri is dating Grimes (right). Photos: @vittoria, @anyma, @grimes/Instagram
Video gaming

Opinion | Will China’s latest crypto crackdown stifle its gaming industry?

New legal guidelines that classify cryptocurrency transactions as money laundering put digital assets used in popular games in a grey area.

Blockchain

Web3 firm Animoca Brands trading for as little as a quarter of last valuation

Yat Siu, chairman of the blockchain video gaming firm, said secondary market trading does not accurately reflect the value of the Hong Kong-based company.

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Blockchain

Hong Kong blockchain gaming firm Animoca sets sights on recovery after listless 2023

Animoca’s ability to weather last year’s storm in its industry has bolstered the company’s confidence in the digital-asset market’s recovery.

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Cyberport-based Animoca Brands is weighing its options for a potential public listing in 2025. Photo: Shutterstock
Blockchain

Hong Kong blockchain gaming firm Animoca weighing 2025-26 IPO, founder says

Animoca Brands co-founder Yat Siu said he hopes an IPO will bring ‘more attention to Web3’ and Asian markets, with a possible Hong Kong listing.

Banking & finance

Hong Kong a unique proving ground for DeFi, metaverse, HKIMR studies show

DeFi and metaverse will open up opportunities for the financial services industry, Hong Kong Institute for Monetary and Financial Research executive says.

Blockchain

US Treasury says NFTs ‘highly susceptible’ to fraud, scams

Some NFT firms and platforms do not have the right controls to counter money laundering, terrorist financing and sanctions evasion, according to the department’s assessment.

Signage for “NFT” seen at the Hong Kong Web3 Festival last year. Photo: Reuters
Art

Token appreciation: will the NFT art market ever bounce back?

‘Art became an auto-generated aesthetic that pushed the artist out of the project,’ notes the Lumiere Project’s Patrice Poujol, whose film company’s NFTs emphasise ‘real access and real experiences’

One of 1,200 generative NFT artworks, launched in August 2023, based on Chinese artist Yue Minjun’s Laughing Man self-portraits. Photo: Handout
Art

Profile | The kooky, colourful world of one of Japan’s most successful modern artists

Takashi Murakami’s new Kyoto exhibition – his first large-scale solo show in Japan in eight years – features more than 170 of the contemporary artist’s works – though not all of them are finished.

Art

Bitcoin ordinals mark latest Sotheby’s foray into blockchain art auctions

Sotheby’s has held two successful auctions of bitcoin ordinals – images, videos or text attached to satoshis, the smallest denomination of bitcoin. Some artworks are fetching up to five times their estimates.

Consumers

China in driver’s seat as Asian men use more cosmetic products, grow beauty industry

A growing demographic of Asian men is increasingly spending more on skincare.

China’s market in particular is poised to drive growth in the skincare and cosmetics category. Photo: Shutterstock Images
China technology

Beijing to draft national Web3 development plan amid strict cryptocurrency ban

China’s Ministry of Industry and Information Technology said a strategic Web3 development plan will be drafted ‘in line with the country’s conditions’.

The Ministry of Industry and Information Technology’s proposed plan would represent China’s first national-level Web3 policy. Image: Shutterstock
Donald Trump

Trump sells pieces of suit worn in Georgia mugshot

For US$4,653, supporters get a bit of fabric along with NFT digital trading cards featuring the ex-US president and the chance to dine with him at Mar-a-Lago.

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Hong Kong

Editorial | Injuries at Hong Kong party shine light on UV exposure

Events sector in Hong Kong suffers another blow after some 22 people at NFTs promotion report eye troubles.

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Hong Kong healthcare and hospitals

UVA light exposure may have caused eye problems at Hong Kong NFT event: organiser

At least 22 people experienced eye pain, vision problems or skin irritation after attending Bored Ape Yacht Club event held over weekend.

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The third edition of ApeFest was held in Hong Kong from Friday to Sunday. Photo: X/@BoredApeYC
Fintech

Hong Kong virtual insurer OneDegree on track to turn a profit in 2024: CEO

Fintech start-up OneDegree’s optimistic projection stems from the positive performance of the company’s household pet and digital-asset insurance operations.

Hong Kong healthcare and hospitals

22 Hong Kong party-goers report severe eye pain, temporary blindness after NFT event

Organisers of Saturday’s ApeFest party say at least 22 people complained of eye problems after the event.

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Metaverse

Bored Apes descend on Hong Kong amid NFT firm’s bet on Asia

The first ApeFest outside New York drew thousands of people from 60 countries, with support from the Hong Kong government, according to Yuga Labs.

The ApeFest DJ poses at the end of his set on the main stage on November 4. Photo: Matt Haldane
Blockchain

Forget crypto: Hong Kong Web3 events focus on what’s next for blockchain

Major Web3 events in Hong Kong have been focusing more on Web3 usability and use cases like identification, content ownership and video gaming.

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Animoca Brands co-founder and chairman Yat Siu gives an interview during the Edge Summit at Hong Kong’s AsiaWorld-Expo on September 26, 2023. Photo: SCMP/ Matt Haldane
Art

Chinese artist Yue Minjun’s NFTs: a parody or a response to market shift?

Chinese contemporary artist Yue Minjun is launching an NFT collection based on his Laughing Man alter ego with the NFT market crashing. But he says they have long-term value, and a collector backs fine-art NFTs.

Food and Drinks

Blockchain with your burgundy: how NFTs are changing the fine-wine market

Do Web3 and wine mix? Will blockchain technology be a silver bullet when it comes to the complex authentication of premium wines and spirits? The jury remains divided.

Blockchain

Animoca Brands pours US$30 million into Hong Kong start-up Hi

The investment by the blockchain game software unicorn comes as funding dwindles for crypto-related start-ups around the world.

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Animoca Brands is investing US$30 million into Hong Kong crypto start-up Hi. Photo: Shutterstock
Fashion

How Hermès got Mason Rothschild ‘MetaBirkin’ NFTs permanently banned

French luxury house Hermès emerges victorious from its US lawsuit, winning a permanent ban on the sales of artist Mason Rothschild’s ‘MetaBirkin’ NFTs that depict the iconic handbag

The controversial MetaBirkins created by artist Mason Rothschild. Photo: @masonrothschild/Instagram
Cryptocurrency

Three Arrows Capital’s 37 NFTs fetch US$10.9 million at Sotheby’s

The hedge fund, which filed for bankruptcy last year, sold the NFTs for US$10.9 million after buying them in 2021 for US$15.5 million worth of cryptocurrency.

Hong Kong economy

Letters | By embracing NFTs and metaverse, Hong Kong can remodel its global role

Readers discuss opportunities for the city to take the helm in the new tech landscape, and how the government can encourage use of its online identity authentication app.

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